February 10, 2014 -
The Brazilian market for biometric technologies is set to heat up, according to a newly-published report in the Research and Markets catalogue.
According to the report, “Brazil Biometrics Market: 2014-2019,” the overall market is expected to reach $998.3 million in 2019, from $269.3 million in 2014, at an estimated CAGR of 30.8%.
Growing use of PCs and consumer gadgets, along with identity fraud and crime rates, tourist safety, improved healthcare and upcoming FIFA and Olympics events are all driving growth in the region.
Brazil is a major forerunner in economic and infrastructure development across the globe and is seeing growth almost across the board. Brazil’s market, being in the early phase of an industry cycle, is less organized domestically and much of the market demand is supplied by foreign company products. However — say the report’s publishers — in the near future, new domestic players are likely to emerge and new product developments could be witnessed in the region.
The newly-published report covers biometric technologies, including fingerprint, iris recognition, face recognition, voice recognition, hand geometry and signature scanning. Market forecasts and revenue is given from 2011 to 2019, though a CAGR is only given from 2014-2019.